The South American country joins a growing faction of Bitcoin believers in the region.
Paraguay is set to unveil a crypto bill on the back of Bitcoin’s success story in El Salvador, a government official said this week.
The South American country reels from a declining economy and ill-fated effects of dollar printing in the US. But officials are turning to Bitcoin to offset some of those side-effects, becoming one of the first nations to legalize the decade-old cryptocurrency in the world.
Making Bitcoin moves
Carlitos Antonio Rejala Helman, a deputy of the Nation and member of Congress in Paraguay, wrote on Twitter last night, “This is Paraguay. In July we legislate! #Bitcoin.”
The comment came in response to a tweet by the Paraguay Entertainment Group, the country’s largest entertainment company, which said it would accept Bitcoin, Ethereum, Shiba Inu, and Chiliz starting next month.
Helman did not make any comment or provide additional information in this regard. However, he hinted in June that officials were possibly working with PayPal on a Bitcoin-related project for the country.